Seacoast Banking Corp. of Florida in Stuart has agreed to buy Grand Bankshares in West Palm Beach, Fla.
The $3.1 billion-asset Seacoast said in a press release Wednesday that it will pay $16.2 million in cash and stock for the $208 million-asset Grand. The transaction is expected to close in the third quarter.
"We are extremely excited to announce this agreement," Dennis Hudson, Seacoast's chairman and chief executive, said in the release. "This acquisition will allow Seacoast to substantially grow our customer base in one of the most important markets in Florida."
Grand has three branches, $127 million in loans and $184 million in deposits in Palm Beach County. Roughly two-thirds of its loan portfolio consists of commercial real estate loans.
Seacoast said it expects the deal to be accretive to its 2015 and 2016 earnings per share and slightly accretive to tangible book value per common share.
Sandler O'Neill and Alston & Bird advised Seacoast. Hovde Group and Smith Mackinnon advised Grand, while Austin Associates provided a fairness opinion to the seller's board.
